Striker Exploration Announces First Quarter Operating and Financial Results

Striker Exploration has announced its operating and financial results for the three month period ending March 31, 2016.
As quoted in the press release:

FIRST QUARTER 2016 HIGHLIGHTS
With the continued pull back of oil prices in early Q1/16 and a greater than 50% drop in natural gas prices, the Company only completed the carryover work from the Q4/15 capital program and suspended all other capital spending activities. The Company took steps to reduce staff & G&A following that time period.
As previously announced, the Company’s Board of Directors has determined that it is timely, prudent and in the best interests of shareholders to initiate a formal process to explore strategic alternatives with a view to enhancing shareholder value. Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, the sale of all or a material portion of Striker’s assets, a reorganization, recapitalization or restructuring of Striker or any combination of the foregoing. FirstEnergy Capital Corp. has been retained by Striker to act as its exclusive financial advisor in connection with this comprehensive review and analysis of strategic alternatives.
Other highlights for the quarter were:

• Completed 1.0 gross and net well in the Wilson Creek area for $0.5 million. The Company also performed a number of recompletions in the Wilson Creek area and incurred equipping and facility costs related to 2015 drills;

• Maintained balance sheet strength with net debt of $8.35 million (current existing credit facilities – $40.0 million), representing debt to trailing annualized funds flow of 0.80x.

• Produced 2,490 boe/d, down 10% from the 2,778 boe/d in Q4/15. This reflects the natural declines and flush volumes coming on stream in Q4/15 from the completed capital spending program.

• Realized gains of $0.9 million or $3.92 per boe/d from financial instruments that were in place.

Click here to read the full press release.